23A Gladstone Street, Moonee Ponds
Investors have the chance to acquire a divine hospitality-leased asset – with its own church spire – in one of Melbourne’s fastest-growing inner city locations.
Fitzroys’ Ervin Niyaz and Chris Kombi are marketing 23A Gladstone Street, Moonee Ponds on behalf of a private vendor.
Expectations are of S2.2 million-plus.
Part of the Wesleyan Church redevelopment, the property includes an immaculate, architecturally-designed 300sqm building leased to the successful Quarter Two Café on a renewed, secure 5+5+5-year deal, returning S123,600 per annum plus GST from June.
At the front section of the old church grounds it was purpose-built for hospitality use and the area on title also takes in part of the old church building. The self-contained two-level premises includes the church’s spire, accessed via an internal spiral stair case and has an office and storage area.
“We’re expecting interest from private investors and self-managed super fund investors based locally and around the country,” Niyaz said.
“Investors will note the uniqueness of the property – this isn’t a standard shopfront – as well as the secure lease to a proven operator, strong income stream, and excellent location in one of Melbourne’s fastest-growing inner city locations.”
Located within the booming Moonee Ponds activity centre, the property is directly opposite more than 500 car parks and a Woolworths supermarket, and is in immediate proximity to the high-performing Puckle Street shopping strip that anchors the surrounding retail and shopping centre offering, which includes Coles and Aldi supermarkets at Moonee Ponds Central.
“Moonee Ponds is experiencing a generational development boom,” Niyaz said.
“There’s some 2,000 apartments in the surrounds, to go with newly completed major residential developments such as Penny Lane, while the S2 billion overhaul of MooneeValley Racecourse is underway and will ultimately add thousands more residents to the immediate catchment,” Niyaz said.
“The rapid growth of the catchment has supported business in the area, and further increases will underpin trade prospects over the long-term.
“More and more people are wanting to live, work and play in Moonee Ponds.”
Kombi said the property is further supported by a growing commercial market and workforce, which includes the Australian Taxation Office and Honda head office.
He added that Moonee Ponds offers excellent public transport linkages by train, tram and bus, and excellent connectivity to major road arterials and only seven kilometres north-west of Melbourne’s CBD.
The property is highly accessible, close to Moonee Ponds train station, Moonee Ponds Junction bus interchange, and Route 59 and 82 trams.
Expressions of Interest close Wednesday, 30 April at 3pm.
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